To think DSis should buy her own flat

[user1494157537]

I was talking to Dsis today. She's 27, she's been out of uni for a 5 years now and in her job for 3. She has just over £50,000 in saving and earns between £49,000 and £50,000.

She lives in a rented flat with a friend but I hate the thought of her throwing away £900 rent every month!

She says she can't afford anything within half an hour of her work (currently Westminster, soon to be Canary Wharf as her office is moving).

I think she should be looking to buy somewhere. She'd love to and she's saving hard but surely London isn't THAT expensive?!?

Wow good on her saving all that! If she has the brains to do that, then she has the brains to want to buy a house ideally. There will be reasons she can't- too expensive or she might have bad credit. Either way leave her be!

Another one, very close to the DLR for an easy commute to the Wharf:

www.rightmove.co.uk/property-for-sale/property-45334479.html

I'll stop now, because I expect OP's sister can do this for herself when she's ready to .

She hasn't saved anything much though, she's inherited the £50k. She's desperate for her own place and I think she needs to decide where her priorities lie.

I love her dearly and we get on well. I have never lived in London but have bought a flat in a similarly price deal foreign city when working abroad when younger so I know it is tough. I'm back in the uk now albeit not in London.

I know the flats aren't nice but she might never be able to afford anything and I think it is sad that on a good salary with a good deposit she's not in a position to buy somewhere she'd consider. What if prices rise faster than her savings and income?

If my Dsis seriously suggested that I sink a quarter of a million quid (plus) into any of those truly horrible flats, I'd wonder when she started to hate me

What if prices rise faster than her savings and income?

That's what has happened to me and many others. She isnt unique. That's life.

Have you suggested that she get a mortgage for a house elsewhere, and rent it out?

NB I am not an estate agent... but I know those buildings you have posted and I've been in flats in those blocks and ones similar.

They are TINY. The areas, while not the most awful ever in the world (yes even Walworth, I know South London very well at all hours of the day and night) are not ones I'd move to with no 'reason' and no ties to the area. Your standards of what you will accept go down when you have a reason to be there. Where I live isn't the most convenient ever but I live here because I have ties to the area which counterbalance those down sides.

Prices can and will go down as well as up. I bought my flat in 2009 at the bottom of the market just by chance. When the market was at its peak prior to that these flats were going for a bomb and there was a waiting list for them. I bought it for a low price and they're now going for over £300k, over £100k more than I paid. Well over. Your sister may as well keep saving more of a deposit, keep working on her career and renting esp if she has a decent rental and doesn't actually HAVE to move now, and then when she decides to buy she will be in a better position.

She might end up meeting someone and buying with them, or she might decide that she's had enough of the inner city and want to move further out to a suburb. Your priorities change. I am glad I didn't buy the flat I would have wanted aged 25 but waited a bit because I wasn't 100% sure, and now have a flat I like aged 36 that was a bit more sensible!

You are very invested in your sister's living arrangements, OP.

That being the case, I think it only right that you offer to buy her one of those delightful high rises. She can save her £50k for the inevitable repairs.

Why are people turning this into a discussion about property?

It's not- it's about the OP thinking she knows what's best.

OP- maybe post a few details about your own life here and we can tell you what you should be doing?

I take it you know Kennington and Camberwell well enough to give your opinion on your DS buying a flat in either of these area.

Do you really think it's a good idea for your DS to live somewhere she's going to be afraid to walk down the street.

There's a reason they're cheap. Ex local authority tower blocks, in dodgy areas.

If she can stretch a bit more then my area opens up with great transport, bars and restaurants and lots of greenery but still close to centre. Don't get hung up on zones (every newbie's mistake) Journey time and closeness to tube much more important. Journey time to Canary Wharf is under 30 mins. Check out these babies... www.zoopla.co.uk/for-sale/details/43988066
www.zoopla.co.uk/for-sale/details/42263110

Christ, London prices are sickening aren't they?? How are normal people expected to ever own their own place? I won't out myself but on my street you can buy a 3 bed terrace for £70- £80k. Im 5-10 minutes walk from town centre, bus etc. A bit further out of town you can get houses for £40-£60k. Rental values of all of these are between £400-£550 per month. She could buy something like that and have a rental income.